Charity Number: 1032478 Compton Verney House Trust...1 April 2011 Kirsten Suenson-Taylor Chair 1...

Charity Number: 1032478

Compton Verney House

Trust

Report and financial statements

For the year ended 31 December 2015

Compton Verney House Trust

Contents


Reference and administrative details .............................................................................................. 1

Governors’ annual report ................................................................................................................ 2

Independent auditors' report ........................................................................................................ 23

Statement of financial activities (incorporating an income and expenditure account) ................... 25

Balance sheet ............................................................................................................................... 26

Cashflow statement ...................................................................................................................... 27

Notes to the financial statements ................................................................................................. 28


Reference and administrative details


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Charity number 1032478

Registered office and operational address Compton Verney, Warwickshire, CV35 9HZ

Governors

First appointed Sir Peter Moores CBE DL Founder

1 April 2011 Kirsten Suenson-Taylor Chair

1 October 2010 Dame Prof Jessica Rawson Term of Office completed 31.12.15

1 January 2014 Janet Bell Smith

1 January 2013 Chris Carter

1 September 2012 Irving David Resigned 15 January 2015

1 July 2010 Victoria Dickie

1 November 2013 Sir Mark Jones

1 April 2011 Ludo Keston Term of Office completed 31.12.15

1 November 2010 Paul Lindsell Term of Office completed 31.12.15

1 January 2006 John Martyn Term of Office completed 31.12.15

1 September 2012 Rita McLean

1 September 2012 Richard Shore

29 July 1998 Janatha Stubbs MBE MOM

1 January 2006 Lady Celia Goodhart Resigned as Hon Governor 1 May 2015

Bankers Barclays Bank plc, 48B & 50 Lord Street, Liverpool L2 1TD

Solicitors Bates Wells & Braithwaite, Scandinavian House, 2-6 Cannon St, London

EC4M 6YH

Auditors Sayer Vincent LLP, Chartered Accountants and Statutory Auditors, Invicta

House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Director Dr Steven Parissien

Deputy Director Rachel Davies

Senior Management Team

Programming Alison Cox

Development Alice Gosling

Marketing Sam Skillings

Operations Cranmer Webb

Landscape Gary Webb


Governors’ annual report


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The Governors present their report and the audited financial statements for the year ended 31

December 2015.

The financial statements have been prepared on the accounting policies set out in note 1 to the

financial statements and comply with the charity's trust deed, applicable law and the requirements

of the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2005).

The organisation is an unincorporated charity, constituted under a trust deed dated 27 August

1993and registered as a charity on 1 February 1994.

Sir Peter Moores

Sir Peter Moores, Compton Verney’s Founder and one of the country’s most liberal arts

benefactors, died on 23 March 2016 at the age of 83.

Sir Peter used The Peter Moores Foundation to rescue what remained of the estate at Compton

Verney in 1993. In the ensuing years, Sir Peter and his Foundation created a world-class art gallery

in the Georgian mansion and a new, purpose-built wing – one of the most outstanding acts of

cultural patronage in post-war Britain. In addition, Sir Peter himself generously donated four of the

permanent collections now housed in the gallery, which opened to the public in 2004 and is now

an independent charitable trust. In the gallery’s earliest years, the Foundation supported the

business through a generous annual subsidy. When this ended in 2010, an endowment fund was

set up to support the core of Compton Verney’s long-term running costs, and the Foundation

continued to support elements of the exhibition programme until it closed in 2014.

We remain immensely grateful to Sir Peter for his original support, generosity and vision. Without

his intervention and imagination, Compton Verney would today be a romantic ruin, and the

inspiring art gallery and park that has been developed there a mere pipe dream. Not only does Sir

Peter’s magnificent achievement leave the nation with a significant legacy; in addition, his

farsighted patronage of the arts will continue to serve as an exemplary model for others in the

years ahead.

Who we are

Compton Verney Art Gallery and Park is an inspiring and magical place, where art and landscape

meet. A nationally-accredited art gallery and historic, ‘Capability’ Brown-designed park of 120

acres near Stratford-upon-Avon, Compton Verney is an independent charitable trust with six

permanent collections, special exhibitions and a busy programme of events. Being independent,

we are masters of our own destiny: able to be more flexible, responsive and creative than many of

our peers. This in turn enables us to lead, innovate and inspire. And we are determined that we

can, and we will, make a difference.

So many places are now labelled ‘unique’. In the case of Compton Verney, however, this claim is

genuine. Compton Verney is a very special, friendly and enriching place, where curiosity and

creativity flourish. It is amazing, uplifting and, above all, fun. It is somewhere to recharge your




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batteries; a great experience to share with people you care about; an oasis of calm in which to

come together. Here curiosity and creativity flourish, laughter is encouraged and independent

thought is nurtured. We present a wealth of opportunities to discover and experience in the

galleries and in the landscape, and we passionately believe in sharing all the many wonderful

things to learn about our rich, multi-faceted site – all of which our visitors can enjoy and

experience at their own pace: we don’t herd, cajole or condescend. It is a place to feel part of –

somewhere where you can belong.

We are an outgoing family with a welcome for all, and our staff are highly supportive both of our

visitors and each other. In our quest to bring the best world-class art to the region, we are

embedding ourselves in our local community – from which we not only draw many of our visitors

but also attract our dedicated staff and our skilled and enthusiastic volunteers.

Compton Verney is not just a wonderful regional resource. It is also a celebrated exemplar of

curatorial expertise and academic authority. We have an international reputation both for forging

supportive and enriching partnerships with museums and universities across the UK (and indeed

beyond), and for interpreting art, architecture and landscape to rigorous international standards.

Our popular and eclectic exhibitions always have something new to say and are never dull.

This expertise informs the bedrock of our mission: our conviction that art is for everyone, and that

culture should have no boundaries. At Compton Verney, all are welcome, and all are treated

equally. To that end, we continue to initiate, develop and share cultural, environmental and

spiritual experiences which can be enjoyed by an increasingly diverse array of individuals, families

and groups. At Compton Verney, we believe that there should be space for everyone.

Our strategy

In 2015, buoyed by the generous Heritage Lottery Fund (HLF) grant of £2.5 million towards our

Park Restoration Project (and the £1 million of match funding we subsequently sourced from

Trusts and Foundations), we began honing our programming and focusing on increased levels of

engagement and participation – to harness, in particular, the immense opportunities presented by

our historic ‘Capability’ Brown park.

To that end, our marketing strategy underwent a complete review: we cut our print and

distribution budgets to support new promotional activity aimed at generating footfall, increasing

loyalty and spend, and invested in national PR and digital media. Our ambition to reach new

audiences and convert current audiences to loyal supporters was further supported by an

investment in a new EPOS and CRM system, an updated, easy-to-use website and a revised pricing

structure designed to maximise the value of membership. And towards the end of the year,

following considerable market research, we rebranded ourselves as Compton Verney Art Gallery

and Park – Where Art Meets Nature, in order to convey to potential visitors the unique character of

our fabulous site.




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At the same time, we have been reviewing our visitor journey to maximise the perceived value of

the Compton Verney day out, improve our standards of customer care and our visitor facilities so

that the whole experience – from initial, perhaps virtual, contact and onsite arrival through to

encounters with the art, park, catering and retail – are optimised.

Our priorities

We achieved our primary goal in 2015 to welcome 80,000 visitors (including students) a year to

our site – and to put the plans in place to support an increase in this number to 100,000 by 2020

creating a sustainable and thriving organisation.

In order to achieve this, our priorities were:

● To attract new and repeat visitors by extending and refreshing the annual programme:

following up on proven successes, exploring new exhibition models, and using our collection

and our landscape to open up new programming opportunities.

● To enhance the visitor experience by improving our on-site welcome, refreshing the visitor

journey and monitoring all aspects of our offer in order to ensure that high standards are

consistently maintained throughout the visit.

● To establish a series of partnerships with local, regional and even national communities

beneficial to us in terms of revenue, reputation and profile. These were not limited to other

museums and galleries but embraced other cultural organisations, local interest groups, and

sympathetic commercial partners, too.

● To be financially responsible, creative and forward-thinking; raising funds to invest in our

future while at the same time remaining efficient and effective in the protection and use of

our assets to ensure that Compton Verney is recognised as a financially-sustainable

independent charity with a secure endowment and steady, diverse income streams.

Our history

The house and landscape at Compton Verney were owned by the Verney family – later created

Lords Willoughby de Broke – from the mid-fifteenth century to 1921, when the 19th Baron sold the

estate. The Verneys had rebuilt the mansion after 1711, and had employed Robert Adam and

Lancelot ‘Capability’ Brown to remodel both house and park after 1761.

Following a succession of unsympathetic owners, in 1993 the Peter Moores Foundation (PMF)

bought the site, including the now near-derelict house, and, funded a £20 million building project

to restore the Georgian mansion and add a modern wing to house exhibition spaces and visitor

facilities. Compton Verney was fully opened to the public as a major, nationally-accredited

independent art gallery in 2004.




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Our achievements

Exhibitions

Exhibitions at Compton Verney make a vital contribution to the cultural calendar in the region and

in 2015 were the main driver of visitors to site, improving our visibility and making a significant

contribution to the cultural landscape, both regionally and nationally. Across the season we

staged five exhibitions, four of which were self-generated, demonstrating our commitment to

research and innovation as well as to creating an appealing visitor offer.

● Canaletto: Celebrating Britain (14 March - 7 June 2015)

This exhibition, curated by the Director, focused on Canaletto’s British paintings and

drawings of 1746-55, in which works the Venetian artist featured not just traditional or

established views and landmarks but also his (and his patrons’) specific celebration of the

growing confidence and recent achievements of the British nation. The starting point for this

show was Compton Verney’s two Canaletto views of Ranelagh and Vauxhall, and it was made

possible by a large number of loans generously made available from The Royal Collection.

Having proved, in terms of visitor numbers, the second most successful spring exhibition we

have ever staged, it was then successfully toured to the Holburne Museum in Bath and Abbot

Hall in Kendal.

● Martin Parr: The Non-Conformists (14 March - 7 June 2015)

Continuing the theme of defining Britishness, The Non-Conformists featured the first major

body of work by celebrated documentary photographer Martin Parr. Centred on the

Yorkshire mill-town of Hebden Bridge and the surrounding Calder Valley in the mid-1970s,

Parr documented a community whose traditional way of life, organised around the church

and hill-farming, were in decline. This affectionate portrait of the town’s coal miners,

chapel-goers, gamekeepers, hen-pecked husbands and pigeon fanciers offered a unique

perspective on a disappearing community and a vanished world.

● The Arts & Crafts House: Then and Now (27 June – 13 September)

The Arts & Crafts House: Then and Now explored the Movement’s fascination with the

creation of the home and its continued influence today. Beginning with John Ruskin and

William Morris, it explored the source material which inspired a new era of domestic

creativity and a celebration of crafts practice. Work by celebrated designers such as Edwin

Lutyens, Gertrude Jekyll and Ernest Gimson were featured alongside today’s leading

designers including Sebastian Cox and Andrew Wicks. A number of key Arts & Crafts houses

including Morris’ homes at Kelmscott Manor and Red House provided a focus for the

displays.




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● The Hart Silversmiths: A Living Tradition (27 June – 13 September)

This exhibition explored the evolution of a unique living tradition which had its origins in the

Arts & Crafts Movement. The Harts have worked in Chipping Camden for over a century and

their story was told through wonderful objects resulting from domestic and civic

commissions, shown alongside the spectacular drawings which inspired them.

Both summer exhibitions were organised in collaboration with The University of Warwick and

the Hart Silversmiths Trust with research enabled by the Paul Mellon Centre for Studies in

British Art and Conservation. Both exploited Compton Verney’s geographical hinterland to

create a trail of contemporary makers across the Cotswolds, thus highlighting our location to

potential visitors.

● Periodic Tales (26 September - 13 December 2015)

This intriguing exhibition, supported by The Beecroft Trust, was derived from author and

curator Hugh Aldersey-Williams’ proposal to convert his recent, bestselling book, Periodic

Tales, into a Compton Verney exhibition. Using both our collections and park to explore the

nature and use of the Periodic Table’s elements in an original science/art crossover, this

show gave visitors the opportunity to experience the elements in unique and unexpected

ways through contemporary works by artists such as Cornelia Parker, Eduardo Paolozzi,

Antony Gormley, David Nash, Marc Quinn, and Maria Lalic and historic objects such as

Chinese bronzes from the galleries at Compton Verney. From the ancient lustre of gold to

the modern florescence of neon, the artworks demonstrated how artists have explored the

rich cultural symbolism of the elements.

● Faye Claridge: Kern Baby (14 March - 13 December 2015)

Inspired by Sir Benjamin Stone’s evocative photograph of c.1900, artist Faye Claridge created

an exaggerated sculptural emblem of folklore: Kern Baby, a giant effigy of a corn dolly,

which was installed on the South Lawn and used as a prop for an extraordinary new

photographic work involving the local community. The cost of this project was largely

funded through an award from Arts Council England, and after being exhibited at Compton

Verney the work was reinstalled inside Birmingham Central Library.

● The National Gallery Masterpiece Tour: Canaletto’s A Regatta on the Grand Canal (9 May -

22 June 2015)

Compton Verney was delighted to have been chosen as a partner in the National Gallery’s

Masterpiece tour for 2015, a collaboration which built on our already strong programming

links with the National Gallery and which underlined for our regional audience our ability to

bring outstanding artworks to their doorstep. The National Gallery’s Regatta was contrasted

with one of our Neapolitan collection’s principal works, Vanvitelli’s Posillipo with the Palazzo




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Donn’ Anna of c.1701, which features Venetian-style gondolas crossing the Bay of Naples,

thus enabling audiences to compare views, approaches and techniques (and boats).

● Dan Pearson’s ‘William Morris Meadow’ (from 20 June 2015)

Reflecting Compton Verney’s summer 2015 exhibition The Arts & Crafts House, and funded

through a pioneering crowdfunding project run in conjunction with the Art Fund, this large-

scale landscape commission consisted of a mown parterre (a formally-patterned flower

garden), based on the designs of William Morris, set within a wildflower meadow developed

by celebrity landscape designer Dan Pearson. The resulting garden provided an enjoyable,

immersive experience for visitors of all ages to interact with and journey through, and will

have a long-lasting legacy – encouraging new species of native wildflowers and wildlife

which will benefit visitors to Compton Verney for years to come.

Collections

The six permanent collections are at the heart of Compton Verney. It is our responsibility to care

for them on behalf of the Compton Verney Collection Settlement (CVCS) and to improve access to

them on behalf of our current audiences and future generations. Major areas of activity in 2015

included:

● Chinese Galleries Redisplay

On 14 March the comprehensive redisplay of our nationally-designated Chinese collection –

funded by the DCMS/Wolfson Foundation (£101,268) and Arts Council England’s Designation

Development Fund (£89,000) – opened to the public and met with unanimously positive

reviews. The intention of the redisplay was to reinterpret the collection to make it more

accessible and engaging to our visitors and to properly recognise its significance as one of

the most important collections of its kind in Europe. The collection has been arranged

thematically, with emphasis on the ways in which vessels were used and on their continued

importance in both China and the West. Now including major loans from the Woolf Collection

and the British Museum, and with greatly improved lighting and interpretation, including wall

captions, an illustrated timeline, a gallery guide, an iPad app, handling objects and

magnifiers, our Chinese collection is captivating audiences.

● New acquisitions

New acquisitions were made to our Folk Art Collection including a Lark Decoy, probably

British, wood and mirrors, about 1800, entrusted to Compton Verney by Richard Russell; and

a Carved Spoon, English, Beech, about 1800. The Dumas-Egerton Trust agreed to 842

signed portrait miniatures being transferred to Compton Verney on long term loan with a

selection on display from spring 2016 for the following five years and rotating each year.




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Learning

Learning is central to our mission and covers a huge range of activity aimed at engaging a wide

range of audiences: from newcomers to seasoned experts alike, with our collections, exhibitions

and parkland. Main areas of activity in 2015 included:

● 5,400 students took part in onsite workshops: over 1,600 visited our exhibitions, more than

2,000 our collections and more than 1,000 our Forest Schools. As part of the Children and

the Arts Start programme and the Kern Baby project, we delivered 6 outreach workshops to

almost 300 students, and began planning a new outreach programme to local schools based

on the Chinese collection.

● Major events including the Park Life! weekend in spring and China Revealed in autumn which

attracted over 1,000 family visitors.

● Almost 12,000 people took part in our family and events programme, more than ever before.

Among the highlights was the expanded learning programme for the exhibition Periodic

Tales, generously funded by Paul Cooney in memory of Barry and Judy Henman. This

included Mirror Mirror’s Elemental Property Shop, charcoal making at Forest School, an

interactive Learning Lab, science talks and demos by the Royal Society of Chemists for

Museums at Night, Mad Science Day and the final Winter Weekends which included activities

and a fireworks finale. Over 2,000 individuals took part in these activities.

Fundraising

2015 was remarkably successful in terms of fundraising. During the year, as already mentioned,

we secured £2.5m in Heritage Lottery Fund (HLF) support for the Park Restoration Project, as well

as significant matching grants from Trusts and Foundations – including the Wolfson and Foyle

Foundations (£125,000 and £40,000 respectively) for building the new Welcome Centre; the

Pilgrim Trust (£15,000) for repairing the house balustrade; the Bernard Sunley Trust (£13,000) to

create the new dipping pond; and the HB Allen Charitable Trust (£30,000), the Country Houses

Foundation (£25,000), and the WREN FCC Heritage Fund (£47,000) for helping to restore the

Chapel. Generous grants from the Arts Council and DCMS Wolfson were used to great effect to

revolutionise the experience in our permanent collections, especially the Chinese Galleries.

Our autumn exhibition, Periodic Tales, was entirely funded by the generosity of the Beecroft Trust

(£100,000) and in addition, over £20,000 was raised from trusts to offset revenue costs such as

learning programmes, almost £23,000 was given by individuals, and our first legacy gift was

received.

Sadly, Jessica Brown and Aly Grimes, our Development Officer and Development Coordinator

respectively, left Compton Verney to pursue other career opportunities but we were delighted to

welcome Deborah Watson and Imogen Hobson in their place. Despite this changeover, 64 funding

applications were submitted to trusts, foundations and statutory funders.




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At the end of the year we had 9 Benefactors, 27 Patrons and 47 Supporters.

Marketing and Communications

In 2015 targeted marketing and communications campaigns kept profile high throughout the year,

increasing awareness, driving footfall and supporting Compton Verney’s most successful year to

date.

During 2015 we had unprecedented media coverage both nationally and locally for Compton

Verney. This included coverage and reviews in The Times, The FT, Sunday Times, The Telegraph,

The Guardian, Front Row, Embroidery Magazine, RIBA Journal, Sewing World, New Scientist, The

Lancet, Home and Antiques, The Huffington Post, Horticulture week, Art Quarterly, Waitrose

Weekend Magazine, William Morris Society Newsletter, The Stratford Herald, The Oxford Times,

Coventry Telegraph, Birmingham Mail and Farringdon News, BBC Radio 4 and live weather

broadcast on BBC Midlands today featuring the summer Giraffe trail in the grounds. Michael Wood

also came to site with his production team to film objects from our re-displayed Chinese

Collection for his forthcoming series The Story of China, to air early in 2016. A London-based

press consultant was appointed in September to focus on securing national media coverage for

2016.

Our advertising campaigns focused on growing grass roots support in the local area, which

coupled with a new approach to radio advertising, built awareness with target audiences.

Compton Verney’s social media following grew enormously over the year, Facebook followers

doubled and 1,500 new Twitter followers were added. The appointment of a new Digital

Marketing Intern proved a good investment, extending the organisation’s ability to post more

engaging content on a more frequent basis and improving the performance of our Google Grants

advertising campaigns. The combination of these factors and launching into Instagram and

Periscope enabled Compton Verney to extend its social media reach and increase its online profile

resulting in a 39% increase in the number of visitors to the website and three times as many online

bookings being made despite the season being shorter than 2014.

Our Ambassadors scheme continued to flourish. We successfully retained 15 Ambassadors from

2014 and recruited another 20 at the start of 2015. Over the year they contributed just under 400

hours of their time distributing print and leaflets, bringing friends and family to site and partaking

in activities promoting us to their networks and local communities. One Ambassador is now a

volunteer and another is a paid Gallery Assistant.

Our involvement in Audience and Visitor Finder programmes run by the Audience Agency enabled

us to establish a cultural profile of our visitors, to assist with business planning and future

audience development. Our first ever Heritage Open Day successfully brought in new visitors and

locals who had not been since 2004, helping us grow our local support.

Compton Verney was successfully shortlisted for the Coventry and Warwickshire Tourism and

Culture Awards in the Kids and Families and Customer Service sections, and long listed for the




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national Kids in Museums Family Friendly Museum award. We also secured Trip Advisor certificate

of excellence for 5th year running which meant that Compton Verney has entered the Trip Advisor

Hall of Fame.

Partnerships

Compton Verney’s future depends to a large extent on our ability to build and maintain regional

and national partnerships, devised to provide us with the sound bedrock of financial and

professional support that is essential if we are to realise our full potential. During 2015 we

accordingly:

● Strengthened our unique and invaluable national exhibition partnership network of museums

and galleries, devising exhibition tours around the partnership and working with national

bodies such as the Royal Shakespeare Company and the BBC.

● Used the new regional cultural alliance ‘CW8’ (Coventry and Warwickshire 8), which we

helped to form, to lobby regional and national government, national arts bodies such as the

Arts Council and, most importantly, regional businesses.

● Established learning partnerships with a variety of new and existing partners to devise new,

exhibition-related programmes, ranging from Arts Connect West Midlands, the OYAP Trust

and the Shakespeare Birthplace Trust to the Royal Society of Chemists and Mad Science.

● Developed collaborative links with local commercial partners and potential exhibition

supporters.

● Built wide-ranging collaborative partnerships with regional Higher Education Institutions,

notably the Universities of Oxford, Coventry and Warwick.

● Worked with strategic marketing partners to increase our brand awareness and increase

visitor numbers – partners such as the Coventry and Warwickshire Family Friendly

Consortium, the Museums Network, the Heart of England Galleries Group and the West

Midlands Museum Directors’ Group.

Commercial activity

2015 was our most popular season yet. We welcomed more than 70,750 general visitors and

5,400 learning visitors to the site – a grand total of over 76,000 before counting the more than

4,000 attendees of our private hire events, and an increase of 6,000 or 8.5% on 2014.

Consequently, income from admissions and trading activities improved considerably. Admission

tickets and membership sales totalled £561,045 in 2015 (up 10% on 2014’s £510,779). Income

from trading activities amounted to £429,996, up 11.5% on 2014.




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Following a change in our catering partner, our hire and event business started to flourish again

delivering 29 weddings, 6 private functions, 5 filming and photography hires, 15 childrens’ parties

and 13 corporate functions including a Christmas party. We also held our first ever music festival

which was a great success attracting over 1,500 visitors despite heavy rain. As well as raising

£95,000 in venue hire income, (compared to the £80,000 generated in 2014) these activities won

Compton Verney the accolades of “Best Childrens’ Party Venue” in the Cotswolds and received a

Highly Commended for the Events Team in the 2015 regional Wedding Industry Awards.

The Park

One of our key goals in 2015 was to continue to exploit the historic parkland at Compton Verney

as a way of building new audiences. To this end, many new parkland projects were undertaken

during 2015, including:

● Large scale, successful wild flower enrichment of the West Lawn for the Dan Pearson Meadow

and beyond.

● The expansion of the grounds blog, whose followers rose from 3,679 in 2014 to 4,454 in

2015, with over 9,500 page views. Content continues to be added across social media

channels by the sharing of grounds images taking during the working day –

Flickr/Instagram/Twitter.

● Planning for the 2016 Capability Brown festival year, particularly taking a leading role in the

CB300 Festival Committee, Heart of England CB300 steering group and representing

Compton Verney at other Park focussed events.

In addition the Grounds Team have continued to lead popular monthly grounds walks, support art

installations and an HLF initiated archaeological dig, with the support of a dedicated and

enthusiastic team of volunteers. The team continue to enrich and improve the planting in the park.

Future plans

The lifeblood of Compton Verney is its visitors. They are central to our future. Over the next five

years we will be honing our programming and adding to our credentials of innovation and

credibility a new focus on increased levels of engagement and participation. Creating more

reasons to come to and love Compton Verney will underpin our key aims of increasing our visit

numbers, increasing membership and growing our community of supportive stakeholders.

Looking ahead, our visitor target is 100,000 a year by 2020. In order to achieve this and to secure

long-term financial viability, from 2016 onwards we will be opening new visitor facilities; unveiling

new attractions, enhancing our indoor and outdoor programming to ensure there is something for

everyone every day that we are open, exploiting our outstanding ‘Capability’ Brown parkland as a

major asset for building audiences, and building our alliances, networks and partnerships in the

cultural, educational and commercial sectors.




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In our second decade as an art gallery, our aspiration is to achieve a stable and sustainable

operating model for Compton Verney. We hope that our guiding principles of creativity,

productivity and sound business sense will deliver a level of growth and resilience rare in this

beleaguered sector.

Our governance

The Board of Governors

All of Compton Verney's activities are ultimately controlled by the Board of Governors. At quarterly

board meetings, the Governors steer the strategic direction of Compton Verney House Trust and

monitor the work of the executive. Specifically, the Board is responsible for the approval of the

financial statements and annual budgets, risk management, health and safety, the exhibitions

policy, and any significant changes in operations.

The Governors refer to the guidance contained in the Charity Commission's general guidance on

public benefit when reviewing the charity's aims and objectives and in planning its future activities,

and consider how planned activities will contribute to the aims and objectives that have been set.

The Director and Deputy Director attend every Board meeting; other senior staff attend meetings

as appropriate.

The Chair of the Board has, since January 2012, been museum conservation professional Kirsten

Suenson-Taylor. Kirsten is a member of the Moores family, and is also a trustee of the Compton

Verney Collection Settlement (CVCS), and the Compton Verney Fund (CVF).

Compton Verney’s Governors are independent professionals chosen for their outstanding

reputation in their field of expertise, their powerful networks and their personal commitment to

Compton Verney. New Governors are recruited following an assessment of the balance of skills,

knowledge and experience already possessed by the existing Board members and the

identification of areas in need of more support, given the current strategic priorities of the

organisation. Governors are appointed having been interviewed by a Nominations Panel, a sub-

committee of the main Board. Prior to joining the Board, new Governors are provided with a

detailed induction pack and have an induction meeting with the Director and Deputy Director to

ensure they fully understand our vision for Compton Verney and can work with all our

stakeholders. The induction pack comprises a comprehensive welcome file of information on

Compton Verney House Trust and its related organisations, including copies of the latest Forward

Plan and accounts, minutes of Board meetings, exhibition schedules and gallery publications.

Governors are appointed for a term of between three and four years, all of which are set to

conclude at the end of our financial year. At the end of their term of office, Governors either retire

or, in exceptional cases, may be asked by the Chair to offer themselves for re-appointment. The

Chair meets with each Governor individually once a year to review performance, exchange

feedback, share plans for the future, and agree personal priorities and targets for the year ahead.




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Governors give their time voluntarily and receive no benefits from the charity, but their expenses

are covered to ensure that an individual’s ability to participate is not dependent upon their

financial means. (Expenses are set out in note 6 to the accounts.) All of our Governors are also

supporters or donors.

Governors are actively engaged as ambassadors and advocates for Compton Verney, and are

required to utilise their network of contacts on behalf of the gallery – introducing potential

supporters, funders and partners to the senior staff and to the site. They are also required to

support the executive staff in their work from time to time, harnessing their particular professional

skills and experience to advise the executive on key issues, help steer important projects and

initiatives, and act as mentors to senior staff.

Risk management

The Governors have a duty to identify and review the risks to which the charity is exposed and to

ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

CVHT's risk policy sets out a framework to enable the Governors to fulfil their obligations in

respect of risk, and a risk register is used to identify, assess, review and manage or mitigate those

risks. The Governors have agreed that the greatest current risk to Compton Verney’s long term

sustainability is the risk around future income targets and as such investment is being made in

programming, marketing and visitor facilities, to support a policy of increasing visitor numbers

and participation, financed in part by our successful fundraising team. Insurance policies are in

place to cover other specific risks – for instance, the risk of damage to the building and to the art

on display. The Finance and Audit Sub-Committee (see below) assists the Board of Compton

Verney in managing its corporate governance and risk management obligations by reviewing the

effectiveness of all material internal controls, including operational, financial and compliance

controls and risk management systems. The internal control systems are designed to meet

Compton Verney’s particular needs and the risks to which we are exposed, to manage those risks

and to provide reasonable assurance against financial misstatement or loss. Established regular

procedures, including budgetary controls and regular reforecasting, operate to monitor the receipt

of income and both revenue and capital expenditure.

Our Board

Sir Peter Moores CBE DL - Founder

Sir Peter Moores was born in Lancashire and educated at Eton College and Christ Church, Oxford,

where he studied Italian and German. He had a gap year at Glyndebourne working as a behind-

the-scenes administrator and then studied at the Vienna Academy of Music. In 1957 he joined his

father’s business, Littlewoods, becoming Vice-Chairman in 1976, Chairman 1977-80 and

remaining as a director until 1993. His public appointments include Governor of the BBC (1981-3),

Trustee of the Tate Gallery (1978-85) and Director of Scottish Opera (1988-93). In 1991, he was

awarded a CBE and received a knighthood in the New Year’s Honours List in 2003 in recognition of

his charitable services to the arts.




14

Kirsten Suenson Taylor - Chair

Originally an archaeologist, Kirsten trained as an archaeological conservator and worked for many

years at the Museum of London. More recently, Kirsten has worked with ICON (The Institute for

Conservation), helping to promote conservation to government and to the public. Kirsten has

been a trustee of Compton Verney Collection Settlement since 1999 and a trustee of Peter Moores

Foundation since 2004.

Professor Dame Jessica Rawson – Vice Chair

Dame Jessica began her career in the British Museum working on ancient China. She moved to

Oxford to become Warden of Merton College between 1994 and 2011. Her work as Warden was

concerned with the administration of the College, with its academic achievements and its life as a

community of students and academics. Dame Jessica’s academic work covers all aspects of

Chinese Art and Archaeology. Her term of office finished at the end of 2015.

Janet Bell Smith

A graduate of Aston University, Janet Bell Smith has worked in the field of Human Resources for

over 30 years, initially with PricewaterhouseCoopers as Head of HR (Assurance) in the Midlands

and more recently as a freelance consultant and Lay Advisor for the NHS. Her previous non-

executive roles have included the Birmingham Royal Ballet, Warwickshire Primary Care Trust and

two local Hospices. Outside of work Janet has been a magistrate for over 25 years including

chairing the Coventry and Warwickshire Bench of magistrates for the last three years. She has the

honour of undertaking the role of the High Sheriff of Warwickshire for 2015 / 2016.

Chris Carter

After study at the Architectural Association and training as a landscape architect at Gloucestershire

College of Art & Design and Pershore College of Horticulture, Chris became Cornwall County

Council's first landscape architect. He joined Colvin and Moggridge in 1972, becoming an

Associate in 1974, and Partner to Hal Moggridge in 1982. He remains an active Consultant in the

practice, and is Chairman of the Gardens Panel at the Sir Harold Hillier Gardens.

Irving David

Irving David read Law at the London School of Economics and subsequently trained with a leading

London entertainment law firm, Wright & Webb. After qualifying as a solicitor, he joined Warner

Brothers and became head of legal and business affairs for their London-based record company

and music publishing subsidiaries, WEA Records and Warner Bros Music. He returned to private

practice and is now a senior partner at DWFM Beckman Solicitors based in Central London,

specialising in Intellectual Property and with particular expertise in the music, dance and electronic

games industries. Irving resigned due to the weight of other charitable commitments in January

2015.




15

Victoria Dickie

Victoria Dickie set up as a fundraising consultant in 2004 to provide advice to Boards and senior

management of arts organisations in all aspects of fundraising. She has had experience in

masterminding and implementing effective strategies for major capital fundraising projects as well

as general revenue fundraising from the corporate sector, individuals and Trusts & Foundations.

Victoria has also set up fundraising departments for Trinity College of Music and the National

Galleries of Scotland and worked for The Royal Academy of Arts as Head of Corporate Affairs, and

is currently a Governor of the Central School of Speech and Drama.

Lady Goodhart

After Oxford, Lady Goodhart went into the Civil Service but took to part-time teaching when

raising her three children. She has always combined her work with various appointments on

committees in public life, and has been Chairman of Youth Clubs UK and the Family Planning

Association. Nearly a decade in politics was followed by becoming Principal of Queens College

London, a secondary school for girls. She chaired the Equality and Diversity Committee on the

Council of Goldsmiths College, University of London and received an Honorary Degree from the

College. She has chaired the Oxford University Society and is an Honorary Fellow of St Hilda's

College, Oxford, of City & Guilds and of the FRSA. Lady Goodhart resigned her position of

Honorary Governor in May 2015.

Sir Mark Jones

Mark Jones read PPE at Oxford and Art History at the Courtauld Institute of Art. He joined the

British Museum in 1974, was appointed Director of the National Museums of Scotland in 1992 and

from 2001 to 2011 he was Director of the V&A, where he led a ten-year, £120 million programme

of renewal of the museum’s buildings and displays, and established a strong programme of

design-focused exhibitions, seen all around the world. He has published widely on medals and

museums. He is a Fellow of the Royal Society of Edinburgh, an Honorary Professor at Edinburgh

University, and has Honorary Doctorates from Royal Holloway College, Dundee University, the

University of Abertay (Dundee) and the University of East Anglia. Mark Jones is now Master of St

Cross College at the University of Oxford. He was awarded a knighthood in 2010 for services to

the arts.

Ludo Keston

Ludo Keston is the Director of the River and Rowing Museum in Henley-on-Thames. Before

arriving at Henley, he was Director of the Herbert Art Gallery and Museum in Coventry and General

Manager at the RSC in Stratford-on-Avon. Previous board membership has included Coventry

Transport Museum, Stratford-on-Avon College, Shakespeare Country, Stratford-on-Avon Town

Management partnership, Audiences Yorkshire and the City of York Council cultural strategy

development group. Ludo’s term of office finished at the end of 2015.




16

Paul Lindsell

Paul Lindsell is an experienced managing director in the marketing consultancy and services

industry. Paul began his career in the art world, as the Art Fund’s first ever Public Relations

Manager. He then acquired a professional training in commercial marketing companies until

founding his first company, Lindsell Marketing, in 1994. He also has twenty years expertise in

market research and customer/prospect data analysis. Paul’s term of office came to an end in

December 2015.

John Martyn

John Martyn’s career in finance began with the Ford Motor Company, followed by BICC, the

Littlewoods Organisation and finally with Dalgety PLC, where he was Group Finance Director for 10

years. He returned to Littlewoods as a non-executive director and combined this with the position

of Estates Bursar at Trinity College, Oxford. He is a graduate of Exeter University, Fellow of the

Chartered Institute of Management Accountants and is a member of the Association of Corporate

Treasurers. John’s term of office finished at the end of December 2015.

Rita McLean

Rita McLean has worked in the museums and heritage sector throughout her career. She was

Director of Birmingham Museums and Art Gallery from 2004 until May 2012, and has extensive

experience of implementing museum and heritage development projects of varying scales,

collections development and staging exhibition and museum education programmes. Rita

previously served as a member of the National Museums Directors Council, on the Creative and

Cultural Skills Heritage Advisory Panel, and on the Heritage Lottery Fund’s national expert panel

for Museums, Libraries and Archives. She now combines work as a Museum and Heritage

consultant with historical research, lecturing and writing projects. She is a member of the National

Trust’s Midlands Region Advisory Board and chairs Birmingham Civic Society’s Heritage

Committee.

Richard Shore

Richard Shore has spent the majority of his career, following his MBA from the Manchester

Business School, in the automotive sector. He spent 14 years at Ford Motor Company in a variety

of finance roles, which included joint ventures and start-ups and culminated in the role of Director

of Strategy for Ford in Europe. Whilst on assignment in Germany he was appointed to the Board of

the Independent Bonn International School for three years as Treasurer. Since 2006 he has worked

for Jaguar Land Rover and is currently Chief Financial Officer, China.

Janatha Stubbs MBE, MOM

A Board Director for The Littlewoods Organisation between 1982 and 1998, Janatha Stubbs was

member of the Malta Playing Fields Association from 1972 until 2007, and their Chairman from

1980 until 2000. Founder and President of Ir-Razzett Tal-Hbiberija, a centre for people with

disabilities, since 1989, Janatha was awarded the Malta Order of Merit for charitable works in 1993




17

and the MBE in 2003 for services to the disabled in Malta. She was Chairman of Compton Verney

House Trust from 1993 to 2005.

Compton Verney is deeply grateful to its Board of Governors for their dedication and the skills and

experience they bring to their roles. Compton Verney owes its Board an immense debt of thanks

for their tireless support and advocacy.

The Finance and Audit Sub-Committee

Chaired by Adam Broke OBE FCA FTII, the Finance and Audit Sub-Committee reports to the CVHT

Board of Governors (one member of which sits on the sub-committee). The CVHT Deputy Director

submits quarterly accounts and strategic financial reports to each sub-committee meeting; the

meeting minutes are then reported to the CVHT Governors, who are ultimately responsible for

reviewing financial performance. The Chair and Director of CVHT also attend on a regular basis.

The Finance and Audit Sub-Committee provides oversight of the accounting systems, procedures

and policies and financial reporting, including budgets and medium term plans, and makes

recommendations to the CVHT Board on any changes that are required. Working with the

executive, it reviews significant risks to the organisation, assesses their likely impact and makes

recommendations on the best ways of mitigating risk. It is also responsible, on behalf of CVHT, for

reviewing the performance of the auditors and (if necessary) for recommending changes.

Staffing

The Director is vested with day-to-day responsibility for the running of Compton Verney, and is

appraised annually by the Chair against a set of agreed targets. (In turn, annual targets are set for

the Deputy Director, the Senior Management Team and all other staff.) In December 2015 the

Director, Dr Steven Parissien, was supported by the Deputy Director, Rachel Davies, and a Senior

Management Team (SMT) comprising the Head of Programming, Alison Cox; the Head of

Development, Alice Gosling; the Head of Marketing, Sam Skillings, the Head of Operations,

Cranmer Webb; and the Head of Landscape and Gardens, Gary Webb.

Compton Verney aims to attract and retain talented staff by offering rates competitive within the

sector and operating an appraisal and personal development system which encourages staff and

management to achieve Compton Verney’s strategic objectives and support high levels of

performance.

When reviewing pay and remuneration the following factors are taken into consideration:

● Compton Verney’s internal remuneration balance and financial means

● Job definition, and degree of responsibility of each role

● Skills, qualifications and individual performance of each employee

● Sector-specific and market related data is taken into account in order to remain competitive

Compton Verney currently reviews wages every year to reflect Cost of Living increases as

represented by movements in the CPI index. This increase in pay is awarded to maintain the real




18

value of earnings in the face of inflation. As a separate initiative, the Governors’ approved the

Living Wage for all staff in 2016.

During 2015 CVHT engaged an average of 26 employees on permanent contract; 43 employees on

seasonal (March-December) contracts and 53 volunteers. The on-site caterers, New Folium also

employed permanent and casual staff in the restaurant and cafe on seasonal (March-December)

contracts.

Our team of volunteers support all areas of the organisation. In total, the volunteer team

contributed 9,500 hours during 2015 – an increase of 3,000 hours over 2014. Working on the

basis of a seasonal gallery assistant wage, this level of volunteering had a value of over £70,000 to

the organisation.

Related parties

Compton Verney House Trust (CVHT) co-operates with three related charities and one related

company in order to achieve its objectives. The three charities are the Compton Verney Collection

Settlement (CVCS), the Compton Verney Fund (CVF) and the Peter Moores Charitable Trust, all

founded by Sir Peter Moores. The related company is Compton Verney Publications Limited.

Compton Verney Collection Settlement (CVCS)

CVCS is a charitable trust (number 1085810), set up at the same time as CVHT in 1993. The

Trustees of CVCS own the permanent collection at Compton Verney, and a loan deed outlines the

terms upon which the collection is displayed at CVHT. This bipartite structure was recommended

by the Department of National Heritage (DNH) for the protection of the Collection, and has recently

been re-endorsed by Arts Council England. By placing the collection in a separate trust, it is

protected from sale, either in part or as a whole, should CVHT run into financial difficulties.

New CVCS Trustees are appointed on either the recommendation of the executive or of existing

trustees on the basis of their relevant expertise. They tend to be museum professionals, able to

advise on collection-related issues. The CVHT Director and Collections Manager attend every

board meeting; other senior CVHT staff attend meetings as appropriate.

Although CVCS functions as a separate board from CVHT, it shares some members with the latter,

including CVHT's current Chair. CVCS's Chairman is the London-based financial adviser Adam

Broke of chartered accountants Mercer & Hole, who is also Chairman of the CVHT Finance & Audit

Sub-Committee (see above) and a Trustee of CVF (see below).

The Compton Verney Fund (CVF)

The Compton Verney Fund (CVF) was established by trust deed in March 2010 to hold an

endowment of £25 million on Compton Verney's behalf. CVF is a separate trust, with a separate

Board from CVHT, and stands independently to ensure its assets cannot be compromised by any

potential difficulty encountered by CVHT. The Chairs of CVHT and CVCS are members of the CVF




19

Board, ensuring that all three trusts work together and communicate clearly in order to achieve the

shared goal of running a successful art gallery at Compton Verney.

The Peter Moores Charitable Trust (PMCT)

The Peter Moores Foundation formerly provided the finance to establish Compton Verney, and

provided CVHT with financial support until the Compton Verney Fund was established in 2010.

When it closed in April 2014, funding of £8 million was transferred to the Peter Moores Charitable

Trust who continue to operate the £-for-£ match funding scheme or fundraising challenge fund.

Compton Verney Publications Limited (CVPL)

Compton Verney Publications Limited is wholly owned by CVHT, and undertakes the educational

activities, hire and catering and retail activity at Compton Verney. The Chair of CVHT's Board of

Governors, Kirsten Suenson-Taylor, was an unpaid director of CVPL during 2014.

Financial review

Incoming resources

Total income in the year amounted to more than £5.3 million (2014: £3.6m). Voluntary income of

£3.9 million (up from £2.6 million in 2014) included income of £1.25 million from the Compton

Verney endowment fund and £1.8 million from the Peter Moores Foundation Challenge Fund which

supports the growth of our Building and Gallery Income Fund (also called our Sustainability Fund)

for the maintenance and improvement of our facilities. The increase in the income from the Peter

Moores Foundation Challenge Fund (2014:£613,000) reflects the unprecedented level of donations

and grants received in support of our exhibitions, collections and our Grounds Restoration Project,

which they generously matched. In 2015 we were grateful to receive the generous support of the

the Heritage Lottery Fund, the Wolfson Foundation, Fidelity UK and many other trusts and

foundations for the restoration of our Capability Brown designed chapel, other unique historic

elements in our park and the introduction of a new visitor Welcome Centre.

Income from charitable activities (admissions income and grants in support of our galleries,

exhibitions and collections) amounted to more than £989,000 (up 68% from £588,000 in 2014),

reflecting the contribution of the additional 5,000 visitors to site and fundraising success. In

particular we are grateful for grants from the Arts Council and DCMS Wolfson Fund for

improvements to our galleries and the Beecroft Trust in support of our exhibition programme.

Activities for generating funds at £430,000 (up 11% from £386,000 in 2014) included income

from catering and hire (£179,000), fundraising events (£23,000), retail (£189,000), and sundry

income, mainly tour fees, of £39,000 (2014: £13,000). The year on year increase in this income

category reflects the success of efforts to tour our original exhibitions and a turnaround in our

catering and hire business from a low point in 2014. Investment income at just under £4,000

reflects the very low level of interest achieved on our funds held at Barclays. However our

investment at CCLA, a specialist charity investment fund, generated unrealised gains of over

£81,000 in the year.




20

Resources expended

Total expenditure in 2015 was just under £4 million, up 40% on 2014. However the substantial

increase does not reflect an increase in underlying operating costs as major expenditure

categories such as staff and building running expenses were stable. Rather it reflects the major

programme of capital investment, both in our galleries and in our grounds, funded, in the main,

from external sources.

Major capital projects

During the year, £723,000 was spent on our park restoration project. Of this amount, £621,000

was received in grant funding. Compton Verney funded the balance of the project from its own

reserves.

Also during the year, £467,000 was spent on refurbishing our galleries, £428,000 of which was

funded from external sources

Net movement in funds

With income up by over £1.7 million on the year before and expenditure up by over £1.1 million,

overall Compton Verney's total net operating surplus after investment gains, at £1.44 million was

up by almost £600,000 (67%) on 2014. In fact unrestricted incoming resources were up more than

50% from £0.8 million in 2014 to £1.2 million in 2015 reflecting the increase in visitor numbers,

ticket yield and commercial income in 2015 and the success of our fundraising activities, amplified

by the match funding we received from the Peter Moores Foundation Challenge Fund, for which we

are very grateful.

Balance sheet

Overall Compton Verney's net assets were increased by £1.44 million in 2015, reflecting the

surplus created by our additional visitors, commercial and fundraising activities during the year.

The value of tangible fixed assets fell by £80,000 as depreciation and disposals outstripped assets

capitalised during the year. The value of our freehold property was not increased by expenditure

to date on the grounds restoration project as, following an annual impairment review, it was

decided that there had been no increase in the residual value or value in use.

The value of our current assets increased by over £1.3 million in 2015, reflecting the influx of

fundraising income for 2015 projects mentioned above. At the year-end Compton Verney had

total reserves of just over £26 million. Of this sum, £21 million related to amounts already

invested in tangible fixed assets. The balance of £5 million represents Compton Verney's liquid

reserves carried forward, held against future requirements in line with our reserves policy. An

analysis of these reserves is given in note 22 to the accounts.




21

Reserves policy

The Board of Governors review the reserves policy and the level of unrestricted retained reserves

carried forward annually, and make changes where appropriate to ensure that Compton Verney's

reserves are adequate to safeguard against unpredictable income streams, future potential risks

and planned investment requirements. The Governors retain these reserves to support future

expenditure, either of a capital or revenue nature, which cannot be covered by incoming

resources. Following the 2014 review, the Governors agreed that the general, unrestricted cash

reserves should be maintained at between three and six months' net cash flow requirements and

that, as an organisational priority, Compton Verney's Designated Building and Gallery

Sustainability Fund should be systematically built up to support the ongoing development,

conservation and maintenance of the estate, as well as to provide funding for strategic initiatives,

artistic or commercial, to improve our financial sustainability.

On 31 December 2015 Compton Verney held the following reserves:

General

unrestricted

Designated

funds

Restricted

funds Total funds

£ £ £ £

Tangible fixed assets - 20,901,430 - 20,901,430

Investments - 1,655,454 - 1,655,454

Net current assets 771,290 2,510,424 212,197 3,493,911

Net assets at the end of the year 771,290 25,067,308 212,197 26,050,795

● An unrestricted general fund of £771,000 to cover approximately six months’ net cashflow

requirements.

● Restricted funds of £212,000, representing grants received for our park restoration project

but unspent at the year end.

● A designated building and gallery fund, representing the resources the trust has already

invested in the development of the gallery, grounds and other fixed assets. The balance of

this reserve at 31 December 2015 was £21 million.

● A designated building and gallery sustainability fund, created to allow us to maintain and

improve our facilities in the future. At the year end the balance on this reserve was £4.2

million (up from £2.7 m in 2014).




22

The balance on all reserve accounts are monitored as part of the management accounting and

contingency planning process. The Governors consider that there are no material uncertainties

about the charity’s ability to continue as a going concern.

Investment policy and objectives

Compton Verney House Trust holds two investments. The share capital of its wholly-owned

subsidiary, Compton Verney Publications Limited valued at £2 and units in the CCLA COIF Charity

Investment Fund, valued at £1,655,000 at the year end. In addition, bank balances generated

investment income of just under £4,000 in 2015. The CCLA COIF Charity Fund is held to offset the

effects of inflation on the value of Compton Verney’s cash reserves.

Statement of responsibilities of the Governors

Law applicable to charities in England and Wales requires the Governors to prepare financial

statements for each financial year which give a true and fair view of the charity's financial activities

during the period and of its financial position at the end of the period. In preparing financial

statements giving a true and fair view, the trustees should follow best practice and:

● Select suitable accounting policies and then apply them consistently

● Make judgements and estimates that are reasonable and prudent

● State whether applicable accounting standards and statements of recommended practice

have been followed, subject to any departures disclosed and explained in the financial

statements

● Prepare the financial statements on the going concern basis unless it is inappropriate to

presume that the charity will continue in operation

The Governors are responsible for keeping accounting records which disclose with reasonable

accuracy the financial position of the charity and which enable them to ensure that the financial

statements comply with the Charities Act 2011. The trustees are also responsible for safeguarding

the assets of the charity and hence for taking reasonable steps for the prevention and detection of

fraud and other irregularities.

Auditors

Sayer Vincent LLP were appointed as the charity's auditors during the year, and have expressed

their willingness to continue in that capacity.

Approved by the Governors on 10 May 2016 and signed on their behalf by

Kirsten Suenson-Taylor

Chair

Independent auditors’ report

For


23

We have audited the financial statements of Compton Verney House Trust for the year ended 31

December 2015, which comprise the Statement of Financial Activities, balance sheet, the cashflow

statement and the related notes. The financial reporting framework that has been applied in their

preparation is applicable law and United Kingdom Accounting Standards (United Kingdom

Generally Accepted Accounting Practice).

This report is made solely to the trustees as a body, in accordance with section 144 of the

Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been

undertaken so that we might state to the trustees those matters we are required to state to them

in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not

accept or assume responsibility to anyone other than the charity and the trustees, as a body, for

our audit work, for this report, or for the opinions we have formed.

Respective responsibilities

We have been appointed as auditor under section 144/145 of the Charities Act 2011 and report in

accordance with regulations made under section 154 of that Act. Our responsibility is to audit and

express an opinion on the financial statements in accordance with applicable law and International

Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing

Practices Board’s Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial

statements sufficient to give reasonable assurance that the financial statements are free from

material misstatement, whether caused by fraud or error. This includes an assessment of: whether

the accounting policies are appropriate to the charity’s circumstances and have been consistently

applied and adequately disclosed; the reasonableness of significant accounting estimates made by

the trustees; and the overall presentation of the financial statements and to identify any

information that is apparently materially incorrect based on, or materially inconsistent with, the

knowledge acquired by us in the course of performing the audit. In addition, we read all the

financial and non-financial information in the trustees’ report to identify material inconsistencies

with the audited financial statements. If we become aware of any apparent material misstatements

or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

● Give a true and fair view of the state of the charity’s affairs as at 31 December 2015, and of

its incoming resources and application of resources, for the year then ended

● Have been properly prepared in accordance with United Kingdom Generally Accepted

Accounting Practice

● Have been prepared in accordance with the Charities Act 2011

Independent auditors’ report

For


24

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011

requires us to report to you if, in our opinion:

● The information given in the trustees’ report is inconsistent in any material respect with the

financial statements

● Or sufficient accounting records have not been kept

● The financial statements are not in agreement with the accounting records and returns

● We have not received all the information and explanations we require for our audit

27 May 2016

Sayer Vincent LLP, Statutory Auditors

Invicta House

108-114 Golden Lane

London

EC1Y 0TL

Sayer Vincent LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act

2006

2015 2014

Unrestricted Restricted Total Unrestricted Restricted Total

Note £ £ £ £ £ £

Income from:

2 3,072,747 827,519 3,900,266 2,314,396 316,749 2,631,145

4 561,045 427,811 988,856 510,779 77,669 588,448

5 406,943 23,053 429,996 347,905 37,791 385,696

3,738 - 3,738 13,408 - 13,408

4,044,473 1,278,383 5,322,856 3,186,488 432,209 3,618,697

6

163,320 - 163,320 170,702 - 170,702

537,144 - 537,144 436,208 - 436,208

6 1,775,925 137,225 1,913,150 1,453,354 - 1,453,354

6 419,247 928,961 1,348,208 375,004 396,552 771,556

2,895,636 1,066,186 3,961,822 2,435,268 396,552 2,831,820

81,447 - 81,447 74,007 - 74,007

1,230,284 212,197 1,442,481 825,227 35,657 860,884

22 144,001 (144,001) - (9,945) 9,945 -

1,374,285 68,196 1,442,481 815,282 45,602 860,884

Reconciliation of funds:

24,464,314 144,001 24,608,315 23,649,032 98,399 23,747,431

25,838,598 212,197 26,050,795 24,464,314 144,001 24,608,315

Total funds brought forward

Total funds carried forward

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements

in funds are disclosed in Note 22 to the financial statements.

Transfers between funds

Net movement in funds

1,361,034 751,220 35,657 786,8771,148,837 212,197

Raising funds:

Net income

Total expenditure

Net income before net gains on

investments

Net gains on investments

Charitable activities

Public display of permanent collections

Special exhibition / project costs

Fundraising costs

Trading activities

Investments

Total income

Expenditure on:

Donations and legacies


Other trading activities

Public display of art collections


Consolidated statement of financial activities


25

2015 2014 2015 2014Note £ £ £ £

Fixed assets:12 20,901,430 20,980,889 20,901,430 20,980,88913 1,655,454 1,574,007 1,655,456 1,574,009

22,556,884 22,554,896 22,556,886 22,554,898Current assets:

16 43,590 43,466 43,590 43,46617 1,056,177 167,136 1,096,747 227,542

2,705,479 2,284,876 2,637,731 2,201,424

3,805,246 2,495,478 3,778,068 2,472,432Liabilities:

18 311,335 442,059 284,159 419,015

3,493,911 2,053,419 3,493,909 2,053,417

26,050,795 24,608,315 26,050,795 24,608,315

22212,197 144,001 212,197 144,001

25,067,308 23,659,185 25,067,308 23,659,185771,290 805,129 771,290 805,129

Total unrestricted funds 25,838,598 24,464,314 25,838,598 24,464,314- - -

26,050,795 24,608,315 26,050,795 24,608,315

The charity

StockDebtors

Funds:Restricted income fundsUnrestricted income funds:

Designated fundsGeneral funds

Creditors: amounts falling due within one year

Net current assets / (liabilities)

Total net assets / (liabilities)


As at 31 December 2015

Investments

Cash at bank and in hand

Tangible assets

Balance sheets

The group

Total charity funds

ChairKirsten Suenson-Taylor

Approved by the Board of Governors on 10 May 2016 and signed on its behalf by

26

Consolidated statement of cash flows

Note

£ £ £ £

23

570,039 1,140,056

3,738 13,408

(153,173) (123,514)

- (1,500,000)

(149,435) (1,610,106)

420,604 (470,050)

2,284,876 2,754,926

24 2,705,479 2,284,876

Purchase of investments

Cash and cash equivalents at the beginning of the

year

Cash and cash equivalents at the end of the year

Change in cash and cash equivalents in the year



2015 2014

Cash flows from operating activities

Net cash provided by / (used in) investing activities

Net cash provided by / (used in) operating activities

Cash flows from investing activities:

Dividends, interest and rents from investments

Purchase of fixed assets

27

1

a)

b)

c)

d)

e)

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended

Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial

Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in August 2014 and the

Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the

Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed

from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true

and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their

accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland

(FRS 102) issued on August 2014 rather than the Accounting and Reporting by Charities: Statement of

Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity meets the definition of a public benefit entity under FRS 102.

In preparing the accounts, the Govenors have considered whether in applying the accounting policies

required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was required. The

transition date was 1 January 2014. No transitional adjustments were required to balances brought forward.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when

the charity has entitlement to the funds, any performance conditions attached to the grants have been met,

it is probable that the income will be received and the amount can be measured reliably and is not deferred.



Accounting policies

Income received in advance of the provision of a specified service is deferred until the criteria for income

recognition are met.

The Govenors do not consider that there are any sources of estimation uncertainty at the reporting date that

have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities

within the next reporting period.

The Govenors consider that there are no material uncertainties about the charity's ability to continue as a

going concern.

These financial statements consolidate the results of the charity and its wholly-owned subsidiary Compton

Verney Publications Limited on a line by line basis. Transactions and balances between the charity and its

subsidiary have been eliminated from the consolidated financial statements. Balances between the two

companies are disclosed in the notes of the charity's balance sheet. A separate statement of financial

activities, or income and expenditure account, for the charity itself is not presented as the summary of the

result for the year is disclosed in the notes to the accounts.

Basis of preparation

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in

the relevant accounting policy or note.

Reconciliation with previously Generally Accepted Accounting Practice (GAAP)

Public benefit entity

Going concern

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to

the income have been met, it is probable that the income will be received and that the amount can be

measured reliably.

Notes to the financial statements

28




1

f)

g)

h)

i)

j)

k)

10 years

26%

Tangible fixed assets

The Governors consider the residual value of the freehold property to be at least equal to its cost, and

therefore there is no depreciation charge on the property. The Governors carry out a review of the property

at least annually to ensure there is no indication of an impairment to the property.

However the cost of the freehold property includes fit out costs such as gallery lighting.The assets will be

written down to estimated residual value over their expected useful life and depreciated as follows:

Fit out costs

4 years

Plant and machinery

Accounting policies (continued)

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by

the charity; this is normally upon notification of the interest paid or payable by the bank.

Fund accounting

Rental charges are charged on a straight line basis over the term of the lease.

4 yearsFixtures and fittings

see belowFreehold property

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated

to activities on the basis of the use of the related assets in those activities. Assets are reviewed for

impairment if circumstances indicate their carrying value may exceed their net realisable value and value in

use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual

value over its expected useful life. The depreciation rates in use are as follows:

Expenditure

Unrestricted funds are donations and other incoming resources received or generated for the charitable

purposes.

Public display of permanent collections 59%

Special exhibitions/projects 15%

Cost of raising funds

Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make

voluntary contributions to it, as well as the cost of any activities with a fundraising purpose

Expenditure on charitable activities includes the costs of exhibitions undertaken to further the

purposes of the charity and their associated support costsOther expenditure represents those items not falling into any other heading

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party,

it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is classified under the following activity headings:

Allocation of support costs

Designated funds are unrestricted funds earmarked by the Govenors for particular purposes.

Operating leases

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets

these criteria is charged to the fund.

Resources expended are allocated to the particular activity where the cost relates directly to that activity.

However, the cost of overall direction and administration of each activity, comprising the salary and

overhead costs of the central function, is apportioned on the following basis which are an estimate, based on

staff time, of the amount attributable to each activity.

29




1

l)

m)

n)

o)

p)

q)

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in

first out basis and includes transport and handling costs. Net realisable value is the price at which stocks

can be sold in the normal course of business after allowing for the costs of realisation. Provision is made

where necessary for obsolete, slow moving and defective stocks.

Investments in subsidiaries are at cost.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.

Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand represents cash.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value

and subsequently measured at their fair value as at the balance sheet date using the closing

quoted market price. Any change in fair value will be recognised in the statement of financial activities. The

charity does not acquire put options, derivatives or other complex financial instruments.

Investments in subsidiaries

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequently

measured at their settlement value.

Accounting policies (continued)

Debtors

Stocks

Creditors and provisions are recognised where the charity has a present obligation resulting from a past

event that will probably result in the transfer of funds to a third party and the amount due to settle the

obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their

settlement amount after allowing for any trade discounts due.

Pensions

Creditors and provisions

Compton Verney operates a defined contribution pension scheme. The assets of the scheme are held

separately from Compton Verney in an independently administered fund. The pension cost charge

represents contributions payable under the scheme by Compton Verney to the fund. Compton Vernery has

no liability under the scheme other than for the payment of those contributions.

Since the onset of auto enrolment in April 2015, the charity has been required to enrol staff who meet set

criteria based on earnings and age. If new staff meet the criteria they are typically enrolled into the scheme

after a 3 months postponement period. Staff who do not meet the criteria are given the option of joining the

scheme on a voluntary basis if they wish. Contributions are in line with the statutory minimums set out

under the auto enrolment legislation although there is an option for staff to have their contributions

matched at a higher level.

30




2

2015 total 2014

Unrestricted Total Total

£ £ £ £

3,062,447 14,500 3,076,947 2,270,417

9,300 813,019 822,319 360,728

1,000 - 1,000 -

3,072,747 827,519 3,900,266 2,631,145

2a

2015 total 2014


£ £ £ £

1,250,000 - 1,250,000 1,250,000

1,775,506 - 1,775,506 983,170

36,941 14,500 51,441 37,247

3,062,447 14,500 3,076,947 2,270,417

2b

2015 total 2014


£ £ £ £

- 483,964 483,964 186,799

- - - 10,000

- - - 75,000

- - - 5,000

- 10,000 10,000 -

9,300 - 9,300 5,032

- 1,147 1,147 4,822

- 4,000 4,000 -

- 5,000 5,000 -

- 10,445 10,445 -

- 10,000 10,000 -

- 30,000 30,000 -

- 40,000 40,000 -

- 125,000 125,000 -

- 47,000 47,000 -

- 5,000 5,000 -

- 2,000 2,000 -

- 13,000 13,000 -

- - - 2,000

- - - 4,500

- - - 3,000

- 1,000 1,000 4,000

- 11,600 11,600 14,500

- - - 34,125

- 13,863 13,863 11,950

9,300 813,019 822,319 360,728

29 May 1961 Charitable Trust

Garfield Weston Charitable Trust

Lord Leverhulmes Charitable Trust

The Big Lottery

Rural Payments Agency

Restricted

Income from donations and legacies

Natural England

Ernest Cook

Donations (2a)

The Mercers Trust

Art Happens

PF Charitable Trust

Arts Connect West Midlands

Stanley Smith

Rowlands Trust

Grants (2b)

Restricted

Compton Verney Fund

Peter Moores Foundation

Other donations

Legacies

Grants received

The Prince's Foundation for Children and the Arts

The Delafield Trust

Donations

Restricted

Bernard Sunley Foundation

HB Allen Charitable Trust

Foyle Foundation

The Wolfson Foundation

Fidelity UK

All Churches

Panton Trust

Other Grants

Total

Arts Council England

Heritage Lottery Fund

31




4

2015 2014


£ £ £ £

554,543 - 554,543 504,939

6,502 - 6,502 5,840

- 427,811 427,811 77,669

561,045 427,811 988,856 588,448

5

2015 2014


£ £ £ £

189,193 - 189,193 183,135

39,220 - 39,220 13,182

178,530 - 178,530 151,588

- 23,053 23,053 37,791

406,943 23,053 429,996 385,696

Income from charitable activities

Income from other trading activities

Educational activities, hire and on site catering

Restricted

Fundraising events income

Shop turnover

Sundry income

Restricted

Gallery grounds and admissions

Talks and lectures

Public display of permanent collections:

Total income from charitable activities

Grants for public displays

32

6

Cost of

raising funds

Public display

of permanent

collections

Special

exhibitions/

projects

Governance

costs

Support

costs 2015 Total 2014 Total

£ £ £ £ £ £ £

Staff costs (Note 8) 238,260 471,927 - 27,582 347,520 1,085,289 1,043,951

Cost of sales and exhibitions 165,217 137,225 467,184 - - 769,626 469,322

Utilities - 120,842 - - 30,210 151,052 162,923

Insurance - 61,919 - 2,888 9,709 74,516 130,967

Security - 104,782 - - - 104,782 142,650

Marketing - - - - 135,253 135,253 129,643

Telephone/postage/stationery - 1,268 - - 31,743 33,011 30,110

Travel/subsistence/entertaining 7,935 3,573 - - 16,448 27,956 26,298

Maintenance 278,246 - - 36,103 314,349 111,530

Information technology - - - - 30,524 30,524 31,767

Cleaning - 54,786 - - 13,697 68,483 74,445

Consultancy/professional fees - - - - 67,631 67,631 10,469

Recruitment/training - - - - 13,222 13,222 11,772

Trustees' expenses - - - 802 - 802 976

Auditors' remuneration - - - - 15,550 15,550 11,250

General rates - - - - 11,551 11,551 16,268

Volunteers'

expenses/temporary staff - 14,471 - - 361 14,832 13,674

Other expenses 2,918 35,047 - - 61,986 99,951 1,170

Storage - 3,964 - - 3,000 6,964 8,557

Grounds restoration - - 723,238 - - 723,238 229,749

Signage & print 12,639 4,477 - - - 17,116 11,926

Depreciation - - - - 196,124 196,124 162,403

426,969 1,292,527 1,190,422 31,272 1,020,632 3,961,823 2,831,820

Support costs 265,364 602,173 153,095 - (1,020,632) - -

Governance costs 8,131 18,450 4,691 (31,272) - - -

Total expenditure 2015 700,464 1,913,150 1,348,208 - - 3,961,824 2,831,820

Total expenditure 2014 606,910 1,453,354 771,556 - - 2,831,820




Of the total expenditure, £2,895,637 was unrestricted (2014: £2,435,268) and £1,066,186 was restricted (2014: £396,552).

Analysis of expenditure


33

7

2015 2014£ £

196,124 162,4032,889 2,915

nil nil802 976

(36,508) -

11,250 11,2501,000 -

8

2015 2014£ £

972,931 944,57174,479 72,86337,879 26,517

1,085,289 1,043,951

2015 2014No. No.

1 -- -- 11 -

Employer’s contribution to defined contribution pension schemes

The following number of employees received employee benefits (excluding employer pension costs) during the year

between:

£60,000 - £69,999£70,000 - £79,999

The total employee benefits including pension contributions of the senior management personnel were £378,664

(2014: £355,858)

£80,000 - £89,999£90,000 - £99,999

The board of governors' were not paid any other benefits from employment with the charity in the year (2014: £nil).

No member of the board of management received payment for professional or other services supplied to the charity

(2014: £nil).



Board of governors' expenses represents the payment or reimbursement of travel and subsistence costs totalling

£802 (2014: £976) incurred by 2 (2014: 1) members relating to attendance at meetings of the trustees.


Net incoming resources for the year

Auditors' remuneration (excluding VAT):

This is stated after charging / crediting:

Depreciation

AuditOther services

(Loss) on disposal of fixed assets

Staff costs were as follows:

Salaries and wagesSocial security costs

Trustees' indemnity insuranceTrustees' remunerationTrustees' reimbursed expenses

Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

34




9

2015 2014No. No.

7 714 1411 10

1 1

33 32

10

11

2015 2014£ £

- -

Compton Verney House Trust receives income annually from the Compton Verney Fund. In 2015 Compton

Raising funds

Support

Related party transactions

UK corporation tax at 20% (2014: 20%)

Verney received £1.25 million (2014: £1.25 million).

There are no donations from related parties which are outside the normal course of business and no restricted

donations from related parties.

Taxation

The average number of employees (head count based on number of staff employed) during the year was as follows:

Staff numbers

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

The charity's trading subsidiary Compton Verney Publications Limited gift aids available profits to the parent

charity. Its charge to corporation tax in the year was:

Compton Verney House Trust receives match funding annually from the Peter Moores Foundation Challenge Fund.

In 2015 Compton Verney received £1.78 million (2014: £0.98 million).

There are no related party transactions to disclose for 2015 (2014: none).

Public display of collections

Governance

35




12

Freehold

property

Plant and

machinery

Fixtures and

fittings

Motor

vehicles Total£ £ £ £ £

21,803,201 250,170 308,859 - 22,362,23065,417 7,242 63,847 16,667 153,173

(47,242) - (53,097) - (100,339)

21,821,376 257,412 319,609 16,667 22,415,064

955,065 172,458 253,818 - 1,381,341127,495 36,099 31,974 556 196,124(10,734) - (53,097) - (63,831)

1,071,826 208,557 232,695 556 1,513,634

20,749,550 48,855 86,914 16,111 20,901,430

20,848,136 77,712 55,041 - 20,980,889

Depreciation

Net book value

Disposals in year

At the end of the year

At the start of the year

Land purchased as part of the estate is included within freehold property. It is not valued separately and not

depreciated.

All of the above assets are used for charitable purposes.

Cost


The group and charity


At the start of the yearCharge for the year

At the start of the yearAdditions in year

Eliminated on disposal


36




13

2015 2014 2015 2014

£ £ £ £

1,574,007 - 1,574,009 2- 1,500,000 - 1,500,000

81,447 74,007 81,447 74,007

1,655,454 1,574,007 1,655,456 1,574,009

14

2015 2014£ £

367,723 334,723(138,059) (136,643)

229,664 198,080

(5,000) (5,000)

224,664 193,080

224,664 193,080

(224,664) (193,080)

- -

176,026 152,522(176,024) (152,520)

2 2

15

2015 2014

£ £4,955,133 3,283,9741,217,817 667,804

AssetsLiabilities

Funds

The aggregate of the assets, liabilities and funds was:

Net gain on revaluation

Subsidiary undertaking

Profit for the financial year

Profit / (loss) on ordinary activities

Operating profit / (loss)

Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

Gross incomeResult for the year

The charity

Investments are all held within the COIF Charities Investment Fund with CCLA.

Investments

Market value at the start of the year

Gross profit

Other expenditure

Deed of covenant to parent undertaking

The group

TurnoverCost of sales

Market value at the end of the year

The charity owns the whole of the issued ordinary share capital of Compton Verney Publications Limited, a company

registered in England. The subsidiary is used for non-primary purpose trading activities. All activities have been

consolidated on a line by line basis in the statement of financial activities. Available profits are gift aided to the

parent charity. A summary of the results of the subsidiary is shown below:

Additions at cost

37




16

2015 2014 2015 2014

£ £ £ £

43,590 43,466 43,590 43,466

43,590 43,466 43,590 43,466

17

2015 2014 2015 2014£ £ £ £

117,819 76,026 40,066 6,956725 - 725 -

141,526 4,361 153,690 15,746796,108 86,749 902,266 204,840

1,056,177 167,136 1,096,747 227,542

18

2015 2014 2015 2014£ £ £ £

119,584 127,273 118,080 127,16241,855 34,899 41,855 34,899

149,896 279,887 124,224 256,954

311,335 442,059 284,159 419,015

19

2015 2014 2015 2014£ £ £ £

Balance at the beginning of the year 204,552 185,032 181,619 172,771Amount released to income in the year (203,427) (184,001) (181,619) (172,771)

Amount deferred in the year 38,486 203,521 14,896 181,619

Balance at the end of the year 39,611 204,552 14,896 181,619

Trade debtorsOther debtorsVATPrepayments and accrued income

The group

The charity

Stock

Debtors

Stocks

The group

Creditors: amounts falling due within one year

Deferred income comprises unexpended grants received and deposits for private hires.

Deferred income

The group The charity

The charity

The group The charity

Trade creditorsTaxation and social securityAccruals and deferred income

38




20

21

General

unrestricted

Restricted

funds Total funds

£ £ £ £

- 20,901,430 - 20,901,430- - - -- 1,655,454 - 1,655,454

771,290 2,510,424 212,197 3,493,911

771,290 25,067,308 212,197 26,050,795

22

At the start

of the year

Incoming

resources &

gains

Outgoing

resources &

losses

Transfers

and gains

on

investments

At the end of

the year£ £ £ £ £

49,501 - - (49,501) -94,500 832,972 (620,775) (94,500) 212,197

- 327,811 (327,811) - -- 100,000 (100,000) - -

- 17,600 (17,600) - -

Total restricted funds 144,001 1,278,383 (1,066,186) (144,001) 212,197

20,980,889 - - (79,459) 20,901,430

2,678,296 - - 1,487,582 4,165,878

Total designated funds 23,659,185 - - 1,408,123 25,067,308

General funds 805,129 4,044,471 (2,895,635) (1,182,675) 771,290

24,464,315 4,044,471 (2,895,635) 225,448 25,838,598

24,608,315 5,322,854 (3,961,821) 81,447 26,050,795

Pension scheme

As at 31 December 2015 no amounts were outstanding or owed to the defined contribution pension schemes. At

the year end the Aegon administered pension schemes had a total of 30 active members.

Designated

funds

InvestmentsNet current assets

Net assets at the end of the year

Movements in funds

Gallery redisplay

Total funds

Total unrestricted funds

Building and gallery fund

Exhibition funding

Education funding

Building and gallery sustainability

fund

Unrestricted funds:Designated funds:


Analysis of group net assets between funds

Investment properties

Restricted funds:Chapel restorationPark restoration project

39




23

2015 2014

£ £

Net income / (expenditure) for the reporting period 1,442,481 860,884(as per the statement of financial activities)Depreciation charges 196,124 162,403(Gains)/losses on investments (81,447) (74,007)Dividends, interest and rent from investments (3,738) (13,408)Loss/(profit) on the sale of fixed assets 36,508 -(Increase)/decrease in stocks (124) 6,364(Increase)/decrease in debtors (889,041) 115,804Increase/(decrease) in creditors (130,724) 82,016

-

Net cash provided by / (used in) operating activities 570,039 1,140,056

Designated funds of £25,067,308 represent funds ring-fenced by the Governors for special purposes. The

Designated Building and Gallery Fund represents the resources the Trust has already invested in the development of

the gallery, grounds and other fixed assets. The balance on this reserve at 31 December 2015 is £20,901,430

representing the net book value of the underlying assets.

The Chapel Restoration Fund holds fundraising income raised for the specific purpose of restoring our "Capability"

Brown chapel. Restricted funds brought forward were spent on the Chapel restoration during the year. The Park

Restoration Project fund comprises fundraising income raised for this project. During the year funds brought

forward for this purpose were expended and unexpended grants were carried forward to 2016. The Gallery

Redisplay fund contains funds raised specifically for this purpose. Exhibition and Education funding was received

from grants in the year and was fully spent on these areas. No other restricted funds were held at the year end

(2014: £nil).

Purposes of restricted funds

Purposes of designated funds

The Governors retain unrestricted reserves to provide for all future expenditure, either of a capital or revenue

nature, which cannot be covered by incoming resources. The Governors review the level of unrestricted retained

reserves carried forward annually to ensure they provide a sound underpinning, in terms of cash flow, strategic

planning and risk management for ongoing investments in the capital infrastructure of the estate. The Governors

have decided as a priority to increase the Designated Building and Gallery Sustainability Fund to ensure it is

sufficient to support the ongoing development, conservation and maintenance of the estate, as well as to provide

funding for strategic initiatives, artistic or commercial, which will improve our financial sustainability. It is also the

only fund available to support any unanticipated expenditure of an emergency nature.

At the year end, the Designated Building and Gallery Sustainability Fund stood at £4,165,878

The Governors believe that unrestricted general funds should be held to cover up to six months' running and

reorganisation costs, in order to finance operations should extraordinary events beyond the Trust's control affect its

revenue streams or operating costs. At the year end, current general reserves stood at £771,290 and was in line

with the policy.

Reconciliation of net income / (expenditure) to net cash flow from operating activities

40




24 Analysis of cash and cash equivalentsAt 1 January Cash flows

£ £ £

Cash in hand 2,284,876 420,604 2,705,480

Total cash and cash equivalents 2,284,876 420,604 2,705,480

25

At 31

December

2015

At the balance sheet date, the group had committed to £1.8 million (2014: £nil) in respect of the ongoing park

restoration project.

Capital commitments

41

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